Patrick Dolan buys majority stake in Newsday
The Dolan family is back in the newspaper business.
Less than a year after his family sold Newsday to telecoms giant Altice USA, cable TV scion Patrick Dolan is buying a huge stake in the storied Long Island-based newspaper.
Word broke this morning via Newsday that Dolan, the president of News 12 Networks and son of HBO founder Charles Dolan, was purchasing a 75 percent stake in Newsday Media, the parent company of Newsday, amNewYork and the Hometown Shopper papers.
His father will maintain "a small financial interest" in the company, per Newsday:
My father and I, together with our Altice partners, are deeply committed to preserving the state-of-the-art journalism that Newsday has consistently provided and that has served Long Islanders so well,” Patrick Dolan said.
Newsday didn't disclose the terms of the deal.
Cablevision Systems Corp., the television company founded by the Dolan patriarch, was sold in 2015 to Altice for $17.7 billion. The deal, which closed two weeks ago, included Newsday and its associated properties. Altice has now sold the majority of the company back to the Dolan family but will retain a quarter of the equity.
Before the Dolans owned Newsday, it was a Tribune Company paper. Tribune parted with Newsday for $650 million in 2008.